Previously, wine consumption was more likely to be associated with a wealthy and lavish lifestyle. However, as more wine companies are producing premium, yet affordable brands, more consumers are embracing the grape and considering themselves “wine connoisseurs.” New varietals, millennial-forward trends and innovative packaging designs are helping shape today’s changing wine market, experts state.
“Consumers are increasingly purchasing higher priced wines and other alcoholic beverages, which has contributed to revenue growth for wineries, wholesalers and retail establishments,” says Chris Lombardo, lead industry research analyst at Los Angeles-based IBISWorld.